On May 31, 2011, the Financial Crimes Enforcement Network ("FinCEN"), a bureau of the US Department of the Treasury, issued Notice 2011-1 (the "Notice"), which grants certain US individuals a one year extension of time to file TD F 90-22.1, Report of Foreign Bank and Financial Accounts (the "FBAR"). The Notice extends the FBAR filing deadline from June 30, 2011 to June 30, 2012 for: (i) employees or officers of Regulated Entities (as defined below) who have signature or other authority over, but no financial interest in, foreign financial accounts of Subsidiaries (as defined below) of such Regulated Entities; and (ii) employees or officers of Subsidiaries of Regulated Entities who have signature or other authority over, but no financial interest in, foreign financial accounts of such Regulated Entities or other Subsidiaries of such Regulated Entities. For all other individuals with an FBAR filing obligation, the deadline remains June 30, 2011.
For these purposes, "Regulated Entities" are defined as: (i) certain regulated financial institutions, including banks that are examined by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, or the National Credit Union Administration, and financial institutions that are registered with and examined by the Securities and Exchange Commission ("SEC") or the Commodity Futures Trading Commission; (ii) "authorized service providers" that are registered with and examined by the SEC and provide services to investment companies registered under the Investment Company Act of 1940; (iii) entities that have a class of equity securities listed (or American depository receipts listed) on a US national securities exchange; (iv) a US subsidiary entity, if its US parent entity has a class of equity securities listed on any US national securities exchange and the subsidiary is included in a consolidated FBAR report; and (v) entities that have a class of equity securities registered, or American depository receipts in respect of equity securities registered, under the Securities Exchange Act. "Subsidiaries" are defined as entities that are more than 50% owned (directly or indirectly) by a Regulated Entity.
The Notice supplements a "final rule" issued by FinCEN last March, which amended the regulations applicable to FBARs due by June 30, 2011 (the "Final Rule"). The Final Rule provides that officers or employees of Regulated Entities who have signature or other authority over, but no financial interest in, the foreign financial accounts of such entities are not required to file the FBAR with respect to such accounts.
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